It was a wild week for the news and for the markets. The
index gained on every single trading day and finished the week with a 4.5% advance.
Behind the scenes, there was much hand-wringing about the demise of the dollar, which picked up pace after gold neared the $1,060 level. Gold fell back to $1,049 on Friday after the greenback recovered.
Alcoa kicked off earnings season with a positive report.
are some of the noteworthy companies reporting next week. It has been a few weeks since tech or financials were the biggest gainers or losers in a week.
Market Vectors Gold Miners
Gold was the story of the week, and GDX rode the excitement to a new 52-week high. It was a week of high drama after British newspaper
reported that Arab oil states, China, Russia, France and Japan held secret talks to end the pricing of oil in U.S. dollars, while later in the week, the Southeast Asian nations stepped in to support the dollar. All the while gold bugs were giving out price targets ranging from $1,500 an ounce to $5,000.
Claymore/Delta Global Shipping
A small upturn in the Baltic Dry Index accompanied the ascent of SEA. It was a good week for the global reflation trade, with energy, gold and foreign currencies climbing. SEA isn't as strong as some other winners this week, however, as it's up less than 30% in the past three months and less than 10% in the past month.
Market Vectors Russia
A gain in the ruble, higher energy prices and a strong performance from energy ETFs underpinned the move in RSX. This fund is up more than 60% in the past three months and continues to have strong momentum. RSX is still about 50% below its 2008 high.
PowerShares DB U.S. Dollar Bullish Fund
The report that several major countries secretly discussed pricing crude oil in a currency other than the dollar sent the greenback, which was already weakening, into further decline. Friday's rebound wasn't enough to reverse the losses for the week.
iShares iBoxx $ Invest Grade Corp Bond
Bonds made investors nervous this week after they declined sharply on Friday. The technical picture for LQD weakened at the end of September, breaking a consistently higher and improving picture since March.
LQD peaked above $107 per share last month and on Friday closed below $104, its lowest level since late August.
iShares Barclays 20+ Year Treasury
Thirty-year Treasury yields moved below 4% this week, only to soar more than 20 basis points on Thursday and Friday. While the technical picture for long-dated Treasury ETFs such as TLT looks much better than LQD, TLT's chart also appears to be reaching a turning point.
Corporate bonds and Treasuries headed in opposite directions last fall, but this week they moved in the same direction.
Don Dion is president and founder of
, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.
Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.